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CTE/Business, Finance and Marketing Curriculum Business Management
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Core Standards of the Course

Strand 1
Role of Business Management & Economics - Students will understand the role of Business Management and the economic concepts that affect the business decision-making process.

Standard 1
Describe the importance of a mission statement, vision statement, goals (long-term) and objectives (short-term).

  1. An economy needs to answer these 3 basic economic questions.
    • What to produce?
    • How to produce goods and services?
    • How to distribute goods and services? Online or Brick & Mortar

  2. Compare and contrast between the 3 main economic systems
    • Command: an economy in which production, investment, prices, and incomes are determined centrally by a government.
    • Market: an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
    • Mixed: an economic system combining private and public enterprise.

Standard 2
Describe the law of supply and the law of demand

  1. Illustrate the supply and demand curves and define supply and demand
    • Supply: the amount of a good or service offered for sale.
    • Demand: the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item.

  2. Describe the interrelationship between cost and price and profit.
    • Price - Cost = Profit
    • As cost goes up so does price and the opposite is always true

  3. Explain how Equilibrium, Surplus & Shortage relate
  4. How supply and demand affect price

Standard 3
Understand basic economic terms that affect businessesí decision-making. Describe how the business satisfies wants and needs in a free market society.

  1. Understand scarcity: the state of being scarce or in short supply; shortage.
  2. Understand what opportunity cost is: the loss of potential gain from other alternatives when one alternative is chosen.
  3. Understand the concept of the business life cycle as it correlates with the economy (depression, inflation, recession, expansion)

Standard 4
Understand economic factors as they apply to international business:

  1. Balance/Restriction of Trade
    • Imports: bring (goods or services) into a country from abroad for sale.
    • Exports: send (goods or services) to another country for sale.
    • Tariff: a tax or duty to be paid on a particular class of imports or exports.
    • Embargo: an official ban on trade or other
    • commercial activity with a particular country. Sanction: a threatened penalty for disobeying a law or rule.

  2. Describe the concepts of import and export.

Performance Skills
Apply the economic concepts above toward the creation of a business plan.
Your potential business must do the following:

  • Identify a market problem
  • Identify a market solution that shows demand
  • Answers the 3 economic questions
    • What to produce?
    • How to produce goods and services?
    • How to distribute goods and services?


Strand 2
The four functions of management Planning and Organizing Functions - Students will be introduced to the four functions of management beginning with the planning and organizing functions.

Standard 1
Identify the four functions of management

  • Planning - Determining a course of action
  • Organizing - Coordinating activities and resources
  • Leading - Managing, motivating, and directing
  • Controlling - Monitoring and evaluating

Standard 2
Students will plan the most effective course of action for setting an organizationís goals and deciding how to achieve them.

  1. Understand the importance and purpose of a business plan for managerial success and capital resource allocation.

Standard 3
Distinguish between strategic (long-term) and operational (short-term) planning.

  1. Identify examples of strategic planning
    • SWOT analysis: an analysis of internal Strengths, Weaknesses, Opportunities, and Threats
    • PEST analysis: Political, Economic, Socio-Cultural, and Technological

  2. Identify examples of operational planning by explaining how each planning tool is utilized in the business decision-making process:
    • Budgets
    • Calendars & Schedules Policies & Procedures

Standard 4
Identify and explain the business decision-making process:

  1. DECIDE
    • Define goal
    • Establish criteria
    • Choose good options
    • Identify pros & cons
    • Decide the most logical option for the situation
    • Evaluate results

Standard 5
Business Ownership Legal Structure - Compare and contrast business ownership legal structures specifically relating to tax & insurance liabilities, and profit distribution. Provide examples for each basic form of ownership:

  1. Sole Proprietorship
  2. Partnership
  3. Corporation
    • LLC (Limited Liability Corporation)
    • S-Corporation
    • C-Corporation

Standard 6
Differentiate between management structures (centralized and decentralized)

  1. Identify types of organizational structures and how they are utilized within a business:
    • Line
    • Line and Staff
    • Matrix
    • Team

Standard 7
Describe the importance of a vision statement with broad goals that are (long-term), mission statement, objectives (short-term).

  1. Vision Statement - Broad, lasting, and inspirational message that communicates the purpose of the business to all stakeholders
  2. Mission Statement - Short specific statement which is adaptable to the current purpose and direction

Performance Skill
For your business complete and include the following information in your business management (also called business description) section of your business plan

  • Write your business mission and vision statements (to be included in your Executive Summary Section)
  • Describe your legal form of ownership (S-corp, Partnership, etc..) and why you chose this form
  • Provide your Organizational Chart (Who answers to whom)
  • Identify key personnel titles and roles


Strand 3
Leading Function -Students will identify and describe how to influence members of the organization to work together effectively.

Standard 1
Identify successful leaders in the current business industry.

Standard 2
Explore effective leadership qualities which include:

  1. Honesty (high standards of integrity)
  2. Judgment (consider fact carefully & gather new information)
  3. Objectivity (no bias-look at all sides of a problem)
  4. Initiative (ambition and persistence in reaching goals)
  5. Dependability (follow through on commitments)
  6. Cooperation (work well with others)
  7. Courage (able to make unpopular decisions)
  8. Confidence (trust own judgment)
  9. Stability (not highly emotional, solve problems and reduce conflicts)
  10. Understanding (understand people, encourage others to share opinions)

Standard 3
Identify, compare, and contrast different leadership styles:

  1. Autocratic
  2. Democratic
  3. Laissez-faire

Standard 4
Describe techniques managers use to motivate individual employees:

  1. Goal Setting
  2. Job Advancement
  3. Cross-training
  4. Empowerment
  5. Self-direction

Performance Skills

  1. Complete an individual student profile comparing their current leadershipskills/characteristics with those they would like to develop in the future.
  2. Use online resources to research a business leader and prepare an oral presentation using an electronic resource.
  3. Utilizing leadership skills, organize or participate in one of the following activities: class presentation, collaborative activity, or school service activity.

Workplace Skills
Students will connect their knowledge with current workplace skills including:

  1. Critical thinking
  2. Problem solving
  3. Teamwork
  4. Communication
  5. Accountability
  6. Dependability

Strand 4
Controlling Function -Students will evaluate organizational activities and determine a plan of action.

Standard 1
Evaluate and determine alternative actions when goals are not being met (changing goals or changing strategies).

Standard 2
Identify the four steps used in the process of controlling operations within a business:

  1. Set standards
  2. Measure performance
  3. Analyze performance
  4. Take corrective action

Standard 3
Identify the major factors in operations management:

  1. TQM (total quality management)
  2. Lean
  3. Supply chain management

Workplace Skill
Students will connect their knowledge with current workplace skills including:

  1. Critical thinking
  2. Problem solving
  3. Communication

Strand 5
Financial Information -Students will analyze and understand the importance of financial information in the business decision-making process.

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Standard 1
Identify and define basic financial terms used in business:

  1. Asset
  2. Liability
  3. Owner's Equity
  4. Revenue
  5. Expense

Standard 2
Analyze basic financial statements used in business:

  1. Income Statement
  2. Balance Sheet
  3. Cash Flow Statement

Standard 3
Analyze and interpret data that appears on financial statements used in making management decisions:

  1. Return on Sales
  2. Breakeven Analysis

Standard 4
Identify and explore sources for securing financing to start and operate a business.

  1. Personal Savings
  2. Bank Financing
  3. SBA Loans
  4. Crowd Sourcing
  5. Venture Capital

Performance Skills
Utilize an electronic spreadsheet to manipulate financial data. Ex. formulate an income statement, a balance sheet, or a cash flow statement.

Workplace Skills
Students will connect their knowledge with current workplace skills including:

  1. Critical thinking
  2. Problem solving
  3. Communication
  4. Mathematical competency

Strand 6
Economics -Students will understand economic concepts that affect the business decision-making process.

Standard 1
Understand basic economic terms that affect businesses decision-making

  1. Explain the determinants of supply and demand.
  2. Understand opportunity cost and scarcity.
  3. Describe the interrelationship between cost and price.
  4. Describe the concepts of import and export.
  5. Understand the concept of business life cycle as it correlates with the economy (depression, inflation, recession, expansion)

Standard 2
Understand economic factors as they apply to international business:

  1. Comparative Advantage
  2. Absolute Advantage
  3. Balance/Restriction of Trade (imports, exports, tariff, embargo, sanction)
  4. Exchange Rate

Standard 3
Describe how the law of supply and demand affects price.

Standard 4
Identify, compare, and contrast various types of competition:

  1. Monopoly
  2. Monopolistic Competition
  3. Government Regulated Monopolies (natural and legal)
  4. Oligopoly
  5. Pure competition

Workplace Skills
Students will connect their knowledge with current workplace skills including:

  1. Critical thinking
  2. Problem solving
  3. Mathematical competency

Strand 7
Marketing -Students will understand how marketing affects business decisions.

Standard 1
Identify and understand the four P's of the marketing mix:

  1. Product
  2. Place (distribution)
  3. Price
  4. Promotion

Standard 2
Research markets to determine what the customer values:

  1. Market Segmentation (target market, demographics, geographic, psychographics)
  2. Utility (form, place, time and possession)

Standard 3
Understand the use of pricing strategy:

  1. Psychological (odd/even, prestige)
  2. Cost-plus vs Markup
  3. Penetration vs Skimming

Standard 4
Identify and understand distribution channels (place):

  1. JIT (just-in-time) Inventory
  2. Transportation of Goods

Standard 5
Recognize the different types of promotions in the promotional mix:

  1. Advertising
  2. Sales Promotion
  3. Personal Selling
  4. Public Relations

Workplace Skills
Students will connect their knowledge with current workplace skills including:

  1. critical thinking
  2. problem solving
  3. communication

Strand 8
Human Resources -Students will describe human resource management and its importance to the successful operation of an organization.

Standard 1
Compare and contrast management theories:

  1. Theories, X, Y, and Z
  2. Herzberg's Theory
  3. Maslow's Hierarchy of Needs

Standard 2
Explain management responsibilities:

  1. Recruiting
  2. Hiring
  3. Training
  4. Appraising
  5. Firing, Terminating, Dismissing
  6. Inclusion

Standard 3
Understand compensation and benefits:

  1. Wage
  2. Salary
  3. Insurance (disability, long-term, medical, dental)
  4. Retirement
  5. Vacation
  6. PTO (paid time off)

Performance Skills

  1. Review a current businesses human resource policy and weigh the pros and cons.

    OR

  2. Create a new human resource policy for an existing business.

Workplace Skills
Workplace Skills Students will connect their knowledge with current workplace skills including:

  1. Critical thinking
  2. Problem solving
  3. Communication
  4. Accountability
  5. Dependability

Strand 9
Ethics and Social Responsibility -Students will understand and identify ethics and social responsibility in business.

Standard 1
Understand the purpose of a business code of ethics/conduct.

Standard 2
Explain the overall nature of social responsibility:

  1. Philanthropy
  2. Human Rights Violations
  3. Child Labor
  4. Environmental Impact
  5. Whistle Blowing
  6. Citizenship (including both digital and moral)
  7. Diversity

Performance Skills
Research and debate a current business ethics case study.

Workplace Skills
Workplace Skills Students will connect their knowledge with current workplace skills including:

  1. Critical thinking
  2. Problem solving
  3. Communication
  4. Accountability
  5. Dependability

Strand 10
Legal Regulations -Students will understand legal aspects that regulate business.

Standard 1
Describe how labor legislations affects the workplace:

  1. Drug Testing
  2. ADA (Americans with Disabilities Act)
  3. Sexual Harassment
  4. Right-to-privacy
  5. FLSA (Fair Labor Standards Act)

Standard 2
Identify and describe government agencies that regulate business:

  1. OSHA (Occupational Safety and Health Administration)
  2. EEOC (Equal Employment Opportunity Commission)
  3. FTC (Federal Trade Commission)
  4. FDA (Food and Drug Administration)
  5. HIPAA (Health Insurance Portability and Accountability Act)
  6. FERPA (Family Educational Rights and Privacy Act)

Workplace Skills
Students will connect their knowledge with current workplace skills including:

  1. Critical thinking
  2. Problem solving
  3. Accountability
  4. Dependability
  5. Legal requirements


UEN logo http://www.uen.org - in partnership with Utah State Board of Education (USBE) and Utah System of Higher Education (USHE).  Send questions or comments to USBE Specialist - Racheal  Routt and see the CTE/Business, Finance and Marketing website. For general questions about Utah's Core Standards contact the Director - THALEA  LONGHURST.

These materials have been produced by and for the teachers of the State of Utah. Copies of these materials may be freely reproduced for teacher and classroom use. When distributing these materials, credit should be given to Utah State Board of Education. These materials may not be published, in whole or part, or in any other format, without the written permission of the Utah State Board of Education, 250 East 500 South, PO Box 144200, Salt Lake City, Utah 84114-4200.